The EURUSD has moved to a new session high and in the process is moving toward the 200 bar MA on the 4-hour chart at 0.98515. Early this week, the price tried to extend above that moving average level on 4 separate bars on the 4 hour chart, but each attempt failed. The price highs stalled within a swing area between 0.9859 and 0.9877. The high price for the week reached 0.9875 on Tuesday.
The move to the upside today has seen some ups and downs especially off of the price action helped by volatility in the GBPUSD from the Truss resignation. However, helping the tone today was the ability for the pair to bottom just ahead of the 200 hour moving average (green line in the hourly chart below). That moving average stalled the fall yesterday and again today, giving the buyers the go-ahead to push higher. Admittedly there was the volatility above and below the 100 hour moving average at 0.97984 (off of the UK news), but the buyers have returned.
Close risk is now the 50% of the October trading range which comes in at 0.9798. A move back below that level would disappoint the buyers look for more upside momentum. The 100 hour moving average is also a risk defining level/bias defining level going forward. It too must hold if the buyers are hoping to push higher going forward.
